Find the effective rate corresponding to the given nominal rate. Round your answers to the nearest thousandth.

5% / year compounded monthly
__________ %

5% / year compounded daily
__________ %

Question

Find the effective rate corresponding to the given nominal rate. Round your answers to the nearest thousandth.
​
5% / year compounded monthly
​  __________ %
​
5% / year compounded daily
​  __________ %

Quizplus · Accepted Answer

The Answer of Find the effective rate corresponding to the given nominal rate. Round your answers to the nearest thousandth.
​
5% / year compounded monthly
​  __________ %
​
5% / year compounded daily
​  __________ %

Find the Effective Rate Corresponding to the Given Nominal Rate